Pactum Constitutae Pecuniae Law and Legal Definition

Pactum constitutae pecuniae is a Latin term which means “agreement for a fixed sum of money.” It is an agreement in which someone promises to pay an existing debt of his/her own or another on a certain date. In other words, it is an agreement by which a person conveys his/her creditor, a certain day, or a certain time, at which s/he promised to pay.